Banks in Mozambique offer unique banking opportunities, provided you understand the system along with how the regulations affect it. With varied regulatory environments that each country has, you'll have to immerse yourself in all aspects of the Mozambique banking system. This begins with the Mozambique economy. Economic conditions within any country is a primary driver of the banking regulations. Bad economic times will generally lead to tougher regulations and tighter lending standards. During the good times, capital will flow freely and the regulations will lessen, or at the very least strict enforcement will wane.

Banking in Mozambique employs a mix of government and private investment to constitute the banking system. The regulatory environment in which these banks operate is relatively fluid, in that political stability relates directly to banking regulation. To attain the pertinent regulatory information you can use international and domestic banks, international finance authorities and general tutorials on the banks Mozambique employs. However, before you begin the process there a few items to consider:

1. Obtain the latest economic and Mozambique bank information.

2. Review the international finance agencies regulatory on the bank of Mozambique and other institutions.

3. Contact Mozambique local banks for the regulatory documents.

Action Steps
The best contacts and resources to help you get it done

Study the economics of the country and its relation to the banks of Mozambique

If you can discern the economic stability of country, it'll help you determine the risk factor for a banking investment. Commercial banks in Mozambique have traditionally been unstable due to factors such as currency, political climate and social unrest. Now that doesn't mean the banks aren't too risky for your assets, but you must do your homework prior to depositing any money in a bank.

I recommend: Review the Mozambique banking sector analysis from KPMG to determine the stability of the system. Use EIN News to receive any late breaking news on the Mozambique banks.

Take a look at the international reviews of the central bank of Mozambique and the system itself

Sometimes the best regulatory information is available at entities outside the central banking system. Bodies such as the International Monetary Fund can provide you with regulatory review information that is mainly neutral and provide you with a different perspective.

I recommend: Assess the regulatory banking reports from the Euromoney Institutional Investor and the International Monetary Fund. The World Bank has a handy summary of Mozambique financial law.

Speak to representatives at local and foreign banks in Mozambique

The banks in Mozambique laws and regulations are essential to the operation of all banks. Therefore, the best sources for regulatory information are commercial and governmental entities that make the laws and implement them.

I recommend: Contact the regulatory department at the Bank of Mozambique. For an international perspective on the banking system regulations, request information from Barclays Bank Moçambique and Absa Group Limited.

If you’re thinking of moving to Mozambique or doing business in the country, then finding the right Mozambique bank to handle your financial business is going to be at the top of your To Do list.

Take the time to carefully research the country's banks. Mozambique has volatility in the financial sector, which isn't uncommon in all countries these days. Here a few thing to keep in mind:

1. Collect all of the information you can on banks in Mozambique before you move or conduct any business in the country.

2. Seek help with finding the right bank in Mozambique from people who have already gone through the process. Ask friends, family, expatriates or anyone who has banked in the nation for information regarding the steps you need to take to get things done.

3. Use the largest commercial bank in Mozambique for personal use since they will have the most branches throughout the nation as well as provide more services.

Action Steps
The best contacts and resources to help you get it done

Assemble general information on banks in Mozambique

It is important to know all you can about business banking in Mozambique before you begin the process of opening a bank account in the country. You want to know about the banks' policies, foreign investment, the exchange rate and any other information you can think of to make your business or personal transactions easier.

I recommend: KPMG has a survey available that covers the banking industry in Mozambique. SA Places has a page of useful information about Mozambique that gives you details on the country's banking industry and many other useful facts on the nation as well.

Contact expatriates for advice on Mozambique banking institutions

If you don't know where to begin when banking in Mozambique, seek out expatriates for advice. They have already made the transition from the US to Mozambique so they can give you the information you need to begin that process.

I recommend: Allo’ Expat has forums that can connect you with expatriates who can give you information on business and finance in Mozambique. Expat Blog is a site that has blog that are written by Mozambique expatriates. It would be a good source to find people to ask questions regarding Mozambique's banking system.

Use the largest commercial banks in Mozambique for everyday business

Just as there are benefits to using the big banks here in the US, there are advantages to using the biggest of Mozambique commercial banks for your everyday banking. Using the largest of Mozambique banks will give you more access to branches throughout the nation, more access to ATM's as well as just making your transition to Mozambique much easier.

I recommend: Banco Internacional de Moçambique and is the largest bank in Mozambique. It has the most ATM’s as well as Internet and phone banking. BCI Fomento is another major bank in Mozambique that is located in the nation's capital.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Pay attention to the actions of the Central Bank of Mozambique. The decisions they make will affect monetary policy, the other banks of Mozambique and the economy as a whole.